Collapse & chaos: SVB, Signature Bank failures spark global panic
By France24
21 March 2023 |
7:53 am
Is America facing a banking crisis? As regulators try to stem the fallout from the collapse of Silicon Valley and Signature Banks, we look at the risks for the rest of the system. Kate Moody speaks to economist Nicolas Veron from the Peterson Institute for International Economics and the European think tank Bruegel.
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The US Treasury, Federal Reserve and Federal Deposit Insurance Corporation have unveiled a plan meant to stem any contagion from Silicon Valley Bank's (SVB) failure on Friday. The Federal Reserve will provide an emergency lending facility that will ensure all of the bank's depositors are repaid in full.
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The closure of Silicon Valley Bank, followed by Signature Bank, has undermined market confidence and raised recession risk fears. Stocks and equities in Asia dropped amid fears about exposure.
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Banking stocks around the world have fallen sharply following the collapse of Silicon Valley Bank and a subsequent intervention by US regulators to protect depositors. Smaller regional lenders in the US are particularly hard hit, with many requests being made to move deposits to some of the country's larger lenders.
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Is America facing a banking crisis? As regulators try to stem the fallout from the collapse of Silicon Valley and Signature Banks, we look at the risks for the rest of the system. Kate Moody speaks to economist Nicolas Veron from the Peterson Institute for International Economics and the European think tank Bruegel.
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